American Express unveils blockchain-enabled payments

(Reuters) - American Express SXP.N on Thursday said it was working with Ripple, a blockchain solutions provider, to enable cross-border payments in partnership with Santander UK.

Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. REUTERS/Kai Pfaffenbach/Illustration/Files

The card issuer said its foreign exchange international payments business will make blockchain-enabled payments available to its customers, which will help reduce the time and cost of settlement. (reut.rs/2j1YmgG)

The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren - RC1622920C30

The Ripple network will help connect U.S. customers to the UK, Amex said.

Santander UK is a financial services provider in the UK, wholly-owned by Spanish Santander Group (SAN.MC).

Reporting By Aparajita Saxena in Bengaluru; Editing by Martina D'Couto